Dublin, Sept. 20, 2024 (GLOBE NEWSWIRE) -- The "United States Offshore Support Vessels Market 2019- 2029" report has been added to ResearchAndMarkets.com's offering. The United States Offshore Support Vessels Market was valued at USD 4.76 Billion in 2023 and is predicted to experience robust growth in the forecast period with a CAGR of 2.65% through 2029. This market has experienced significant growth due to the increasing offshore drilling activities in the Gulf of Mexico and other strategic offshore regio ...

DOVER, Del., Aug. 30, 2024 (GLOBE NEWSWIRE) -- Tidewater Utilities, Inc. ("Tidewater" or the "Company"), a wholly owned subsidiary of Middlesex Water Company (Nasdaq:MSEX) filed a request today with the Delaware Public Service Commission (PSC) for new rates in order to recover prudently incurred investments made in the last ten years to support continued regulatory compliance, enhance water quality, service reliability, security and resiliency of its water utility infrastructure assets. Since its last filin ...

Offshore oil rig drilling gas platform Kanoke_46/iStock via Getty Images Introduction This is an initiation article on Tidewater Inc. (NYSE:TDW), an offshore support vessel (OSV) owner and operator based out of Houston, TX, which has been operating since 1956 and since 1970 as a public company. OSVs provide a variety of services for offshore oil, gas, and wind operations. These ships are relatively small but mighty, featuring powerful engines, work capacity, and even towing capabilities. They carry vital pe ...

Igors Aleksejevs Note: Tidewater Inc. (NYSE:TDW) has been covered by me previously, so investors should view this article as an update to my earlier publications on the company. Last week, leading offshore service vessel provider Tidewater Inc., or "Tidewater," reported strong Q2/2024 results with both top- and bottom-line results exceeding consensus expectations: Tidewater - Key Financial Metrics | --- | --- | --- | --- | --- | --- | --- | |---------------------------|-------------------------------------- ...

arild lilleboe Recap Please check our bull thesis on Tidewater Inc. (NYSE:TDW). We believe supportive oil prices will encourage more exploration and production of oil. With peaking Permian Basin output and reduced offshore break-even levels, drillers increasingly seek offshore projects to accommodate the growing demand, despite risks from decarbonization measures. Additionally, the supply-constrained market is likely to stay given fewer shipyards available and high newbuild and secondhand prices. We believe ...

Investors in Tidewater Inc. (TDW) need to pay close attention to the stock based on moves in the options market lately. That is because the Dec 20, 2024 $30 Call had some of the highest implied volatility of all equity options today. What is Implied Volatility? Implied volatility shows how much movement the market is expecting in the future. Options with high levels of implied volatility suggest that investors in the underlying stocks are expecting a big move in one direction or the other. It could also mea ...

Financial Data and Key Metrics Changes - The company reported net income of $50.4 million or $0.94 per share for Q2 2024, with revenue increasing by 5.6% to $339.2 million compared to Q1 2024 [26][34] - Average day rates increased by 8% from $19,630 per day in Q1 to $21,130 per day in Q2, which was the main driver for the revenue increase [26][34] - Gross margin percentage increased slightly to 47.7% from 47.6% in Q1, with gross margin in Q2 amounting to $161.9 million compared to $152.5 million in Q1 [27][34] Business Line Data and Key Metrics Changes - Day rates improved across all vessel classes and geographic segments, with broad-based improvements indicating robust vessel demand and tight supply [6][34] - The average duration of new contracts entered during Q2 was just under 5 months, the shortest since reporting this figure began [15][34] - The company entered into 21 contracts with a composite leading-edge term contract day rate of $28,754, although the average for the quarter declined by 6% sequentially due to a higher number of smaller vessels coming off long-term contracts [15][34] Market Data and Key Metrics Changes - The Americas and Asia Pacific regions led the day rate improvements, both exceeding 9% [33][34] - The Middle East region saw a slight decline in revenue, contrasting with increases in other regions [33][34] - The company has a contracted backlog of approximately $568 million for the remainder of 2024, with $317 million contracted for Q3 and $251 million for Q4 [17][34] Company Strategy and Development Direction - The company aims to capitalize on a supply-constrained vessel market amid rising demand to push day rates and drive earnings growth [12][34] - There is a focus on acquisitions, particularly in North and South America, but the company remains disciplined in its approach to ensure value accretion for shareholders [11][72] - The company is committed to improving its debt capital structure while maintaining flexibility for capital allocation opportunities [14][72] Management's Comments on Operating Environment and Future Outlook - Management noted that project delays are primarily due to logistics and supply chain issues rather than economic factors, maintaining optimism for 2025 and beyond [37][66] - The company expects a significant uptick in activity in 2025, with a lighter dry dock schedule anticipated compared to 2024 [65][69] - Management remains confident in the long-term demand for offshore vessel support, with expectations of continued improvement in day rates and margins [12][34] Other Important Information - The company repurchased approximately $33 million of shares year-to-date, with a total of nearly $68 million since the buyback program began [10][34] - The company incurred $40.1 million in deferred dry dock costs in Q2, with expectations of $39 million in Q3 and $14 million in Q4 [31][34] - Free cash flow for Q2 was reported at $87.6 million, an increase of $18.2 million from Q1, attributed to strong customer collections [32][34] Q&A Session Summary Question: Outlook for 2025 and beyond - Management indicated that while there are delays in project start-ups, the long-term outlook remains positive, with no anticipated slowdown in 2025 or 2026 [37][66] Question: Leading-edge rates and contract mix - Management confirmed that leading-edge day rates for larger classes of vessels showed strong momentum, despite a mix skewing lower due to smaller vessels recontracting [40][41] Question: Q4 gross margin expectations - Management expects a gross margin exit rate of about 58% in Q4, driven by reduced dry dock costs and increased vessel uptime [42][43] Question: M&A market and capital allocation - Management remains disciplined in pursuing acquisitions, focusing on value accretion, while also considering share repurchases as a use of free cash flow [72][73]

Tidewater (TDW) came out with quarterly earnings of $0.94 per share, beating the Zacks Consensus Estimate of $0.72 per share. This compares to earnings of $0.46 per share a year ago. These figures are adjusted for nonrecurring items. This quarterly report represents an earnings surprise of 30.56%. A quarter ago, it was expected that this offshore energy services provider would post earnings of $0.49 per share when it actually produced earnings of $0.89, delivering a surprise of 81.63%. Over the last four qu ...

Exhibit 99.1 Tidewater Reports Results for the Three and Six Months Ended June 30, 2024 Second Quarter 2024 Highlights ● Revenue of $339.2 million, an increase of $18.1 million, or 5.6%, from the first quarter of 2024 ● Average day rate increased to $21,130 per day, $1,567 higher than the first quarter of 2024 ● Composite leading edge term contract average day rate of $28,754 o > 900m2 PSV - leading edge term contract average day rate improved 8% to $35,172 o 700 - 900m2 PSV - leading edge term contract ave ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2024 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to . Commission File Number: 1-6311 Tidewater Inc. (Exact name of registrant as specified in its charter) Delaware 72-0487776 (State or other jurisdiction of incorporation) ...